Harbin Investment (600864) 2018 Annual Report Review: Public Utilities + Jianghai Securities Stable Development

Harbin Investment (600864) 2018 Annual Report Review: Public Utilities + Jianghai Securities Stable Development

Event: Harbin Investment released the 2018 annual report and achieved a total operating income of 27.

5.9 billion, +7 per year.

73%; net profit attributable to mother -1.

4.2 billion, 3 before 2017.

58 ‰ decreased by 139.

66%; EPS is -0.

07 yuan.

As of the end of 2018, the company’s total assets were 389.

09 billion, net assets of 125.

7.6 billion yuan.

ROE is -1.

09%, a decrease of 3 per year.

73 units.

Among them, Jianghai Securities achieved revenue of 12.

590,000 yuan, at least -7.

01%; net profit -1.

7.7 billion, compared with February 2017.

920 thousand yuan fell by 160.


Jianghai Securities’ total assets are 335.

7.4 billion; net assets at the end of the year 97.

480,000 yuan, 101 at the end of the first 成都桑拿网 quarter of 2019.

28 billion.

The market value is estimated to be low, with high security and good flexibility.

The thermal power, environmental protection, and engineering parts of Harbin Investment Co., Ltd. are estimated to be 5 billion; the financial assets held by them (Minsheng Bank and Founder Securities) are estimated to be 21.

9.3 billion.

Statically, Jianghai Securities’ current PB estimate is 1.

40 times, lower than the current brokerage estimate of 1.


Utilities + securities firms, dual main business rotation.

The company has a heating concession right in the heating zone approved by the government, has a monopoly advantage, and has less competition pressure from the industry. In 2018, the thermal power business achieved revenue11.

950,000 yuan, an increase of 0 in ten years.

86, accounting for 43.


The brokerage sector, brokerage, self-employed, and investment bank are the main sources of income, accounting for 25 respectively.

66%, 23.

35%, 26.

05%. Investment suggestion: We forecast the company’s total operating income in 2019/202036.


5.1 billion, net profit attributable to mother 10.


810,000 yuan, the corresponding EPS is 0.


63 yuan / share.

Risk reminder: the market transaction activity and the sustainability of incremental funds are not up to expectations; the gradual reduction of some pledged stocks causes the risk of stock pledge;